We did our taxes this weekend.
Despite making significantly less than the poverty level last year–me being out of work for most of it and all–the IRS is taking a gasp-inducing chunk out of my writing income. The rest of my wages (from the OLC), we don’t owe taxes on due to our deductions and because of how meager they were. But my writing income, they still tax.
As it turns out, no matter how little I make as a self-employed freelancer, if I make any profit, I will get shafted. There is no “you made so little last year that your taxes come to zero” for the self-employed, although there is for everyone else.
Ole Uncle Sam really doesn’t like independent entrepreneurs or freelance artists. Sheesh.
And, once again, I am pondering whether making myself an LLC would be beneficial. It’s easy enough to do. I send in some paperwork to the Secretary of State and a $100 fee (with a $30 annual renewal thereafter). The virtue of working where I do, I’m a lot more familiar with Georgia state laws and how to look them up–as well as legalese in general–but I haven’t managed to wrap my mind around federal tax law. And that’s the clincher. I haven’t waded through all the IRS verbiage to get to the gist of whether I would gain any benefit and manage to avoid being double taxed if I incorporate myself.
Sigh. A fun project for after session, maybe.
– Contrib. copy of Aberrant Dreams #8 with “Nobodies and Somebodies” in it. I actually forgot about this contrib. copy since it was also published online. I like nice surprises.
– 44-day cordial pass with detailed commentary from Trabuco Road after a hold request for further consideration. Drat.
– 82-day “does not meet our needs” after a hold request for further consideration from The Edge of Propinquity. Humph.
– Invite from OmegaCon, a convention in Birmingham, AL, to attend, I assume as a guest. However, as it’s slated for mid-March (2008), right in the middle of next year’s session, I’m having to pass.
– Forwarded letter from Cricket from a 9-year-old reader praising “The Snow Woman’s Daughter” in the Feb. issue. *squee!* I love hearing from readers!
I’m conducting an online workshop, Worldbuilding for Writers: Transporting Readers Beyond the Ordinary. Register HERE. (Deadline, May 27.)